Opus Bank buys four branches

Opus Bank, the largest bank headquartered in Orange County, announced Wednesday that it will acquire four branches and $138 million in deposits from California Bank & Trust.

Irvine-based Opus will pay a 3.2 percent premium for customer deposits at the four banking offices, located in Covina, La Verne, San Dimas and Pleasant Hill.

The transaction, expected to close by the end of the third quarter, will give Opus 56 branches and more than $2.2 billion in deposits.

In September, Opus acquired 10 branches from Pacific Western Bank. Stephen Gordon, chief executive and chairman of Opus, noted that although his bank has opened new branches, acquiring existing locations – and the sizeable deposit bases that come with them – "is a very efficient way for us to be able to grow."

This acquisition, he said, will give Opus additional branches in areas where the bank had hoped to grow.

"We see these as good markets with good demographics," he said.

The deal comes at a time when many banks are trimming their branch networks and keeping deposit growth limited. Gordon said this has allowed Opus to expand in a cost-effective way and build deposits before other banks start competing heavily for deposits.

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